OCBC to quadruple number of cross-border QR payments in 2024 as travel bounces back

The Straits Times03-26

SINGAPORE – OCBC Bank aims to step up the number of cross-border QR payments it facilitates, as these transactions join the ranks of credit and debit cards as a popular payment mode among Singapore ...

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There has also been a sevenfold increase in such payments since the bank tied up with Alipay+ in September. \nMr Sunny Quek, OCBC’s head of global consumer financial services, said that the payment landscape is evolving, and travel is becoming the new normal again. \n“Our partnerships with Alipay+ and UnionPay International have significantly expanded coverage for our customers who travel, especially to China,” he said, adding that the bank will continue to look out for strategic partnerships. \nBesides China, the other top destinations where OCBC customers made QR payments in 2023 were Thailand, which accounted for 20 per cent of such transactions, and Malaysia, which made up 18 per cent. \nThe volume of QR code payments in South-east Asia is expected to grow from 13 billion in 2023 to 90 billion in 2028, amid commitments by countries to create a regional QR cross-border payment network to bolster financial connectivity. \n\n\n\n\n\nMore On This Topic\n\n \n\nOCBC customers can use bank’s app to pay merchants in 47 markets including China\n\n\n\n \n\nNew security feature on OCBC banking app draws mixed reactions","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422364026"}